Venezuela and Russia in Talks to Use State-Backed Petro Cryptocurrency for Bilateral Trade

Venezuela, a South American country embroiled in a bitter political impasse, is negotiating with Russia over abandoning the USD in their bilateral trade settlements. The two countries are in talks over the use of the Russian ruble, according to Jorge Valero, Venezuela’s representative in UN’s Geneva offices.

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Venezuela’s National Cryptocurrency Petro Has Yet To Show Itself As Useful

Venezuela’s Cryptocurrency Has Yet To Show Its Useful One of the most interesting things that the cryptocurrency market experienced this year was the creation of the first national virtual currency called Petro.

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Venezuela: President Nicolas Maduro Announces Launch of National Cryptocurrency

In an effort to reinvigorate an economy crippled by socialism on one hand and US-led sanctions on the other, Venezuela established the Economic Recovery, Growth, and Prosperity Program, which resulted in the development of a state-supported cryptocurrency.

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Venezuela Citizens See ‘No Sign’ of National Petro Cryptocurrency

Amidst a mounting economic crisis, Venezuela’s oil-backed cryptocurrency the Petro is nowhere to be found. Numerous reports indicate an almost non-existent usage within the country. ‘Hard to Spot Almost Anywhere’ According to a report from Reuters dated August 30th, the Venezuelan town of Atapirire has not yet reaped the fruits of Venezuela’s oil-backed cryptocurrency efforts.

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Could Cryptocurrency Be the Solution to Venezuela’s Problems?

Venezuela is the world's richest country in terms of oil. Yet its people are starving. With devaluation, hyperinflation and crisis is cryptocurrency the answer? The post Could Cryptocurrency Be the Solution to Venezuela’s Problems? appeared first on CoinCentral.

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Venezuela to Peg Pension, Salary Systems to Petro Cryptocurrency

Venezuela is set to begin using its "petro" cryptocurrency as an official accounting unit, according to the country's president.

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Maduro’s Petro cryptocurrency will be an official currency in Venezuela – like the Bolivar

In a bid to save Venezuela from hyperinflation, embattled President Nicolnezuela will have a second accounting unit based on […] the value of the Petro. ” Maduro declared in a televised address (spotted by Sputnik).

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Coinbase Transfers Halted in Venezuela – U.S. Sanctions to Blame?

Initially revealed on August 2, 2018, several Venezuelan Coinbase users abruptly lost the ability to withdraw or send cryptocurrency, prompting speculation that the exchange may have its hands tied by US-Venezuela sanctions.

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Bitcoin Magazine’s Week in Review: ETFs and Expansions

ETF’s are back in the news this week with the Winklevoss twins of Gemini getting rejected again, while investment firm Direxion was delayed till September on a final decision.

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Dash is Used More than All Other Cryptos Combined In Venezuela

Venezuela’s struggling economy has inspired many in the country to adopt cryptocurrencies as an alternative to the crashing Venezuelan Bolivar. The situation in Venezuela is dire; hyperinflation in the country has reached such extremes that a cup of coffee now costs a million Bolivars.

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Venezuela Ties Own Currency to Sanctioned Petro as Maduro Talks of ‘Great Hope’

Venezuela will remove five zeros from its ailing currency, the bolivar, and peg it to its controversial Petro cryptocurrency, President Nicolas Maduro said in a public broadcast July 26. Maduro: Bolivar Will ‘Anchor Petro’ The Bolivar, which had become so inflationary that online gaming tokens such as World of Warcraft gold were a more stable store of value, is currently worth just $0.

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Dash is Used More than All Other Cryptos Combined In Venezuela

Venezuela’s struggling economy has inspired many in the country to adopt cryptocurrencies as an alternative to the crashing Venezuelan Bolivar. The situation in Venezuela is dire; hyperinflation in the country has reached such extremes that a cup of coffee now costs a million Bolivars.

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Dash Says Its Cryptocurrency Is Most Used Coin For Venezuelan Merchants

In a recent press release, Dash claimed that it was the most used crypto in Venezuela right now. According to the company, the use of Dash in the country is far greater than the combination of all the other tokens combined.

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Iran Considers State-Issued Cryptocurrency Ahead of Imminent US Sanctions

Iran might soon take a page out of Venezuela’s playbook by launching its own state-issued cryptocurrency. The move is occasioned by the fact that the country is set to come under renewed economic sanctions from the United States.

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Venezuela Tying The Bolivar To Its National Cryptocurrency

In the midst of runaway inflation, Venezuela will print new money, removing five zeroes from the denominations, and tie its national currency to the recently created petro.

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Venezuela’s Move to Crypto and away from State Sanctions and Inflation

In order to curb inflation in Venezuela, five zeroes will be removed from the national currency, the Bolivar according to July 26, 2018, reports. Furthermore, the value of the money will reportedly be tied to the government-controlled cryptocurrency, the Petro.

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Dash Claims Being Widest Spread Crypto in Venezuela

Venezuelan retailers have reportedly adopted Dash on a scale that has made it the most widely used cryptocurrency in the country.

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Venezuela To Have a New Fiat Currency Anchored To Cryptocurrency Petro

A few hours ago, the president of Venezuela, Nicolas Maduro Moros, made a television announcement to the country in which he revealed new economic policies framed in what he described as a comprehensive plan to restore the country’s financial stability.

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Another Cryptocurrency Makes Inroads in Venezuela

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Slow and Steady Wins the Race

These images that recently surfaced on Reddit are reportedly showing a donation of just $ 230 that has been channeled into Venezuela through a cryptocurrency called Nano. A quick look at the Local Bitcoins volume there shows another spike in peer to peer transactions over the past week.

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Slowly but Surely

In a country that has seen an estimated 99% devaluation of their currency over the last year, even $1 is seen as a lot of money. These images that recently surfaced on Reddit are reportedly showing a donation of just $230 that has been channeled into Venezuela through a cryptocurrency called Nano.

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“Economic Sovereignty” Through Bitcoin: Max Keiser and Stacy Herbert

When it comes to cryptocurrency, it seems that there are always two sides of the (bit)coin. On the negative side, there’s everything that can go wrong.

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Major Think Tank Envisions a Bright Future for Cryptocurrency in Venezuela

Addressing the financial situation in Venezuela will pose many challenges. Cryptocurrencies are still in the best position to make a meaningful impact in this regard. The Center for Strategic and International Studies is thinking along the same lines.

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Think tank urges crypto holders to spend coins to aid humanitarian causes and stop dictators

The Center for Strategic and International Studies, a DC based think tank is urging cryptocurrency holders around the world to spend their coins to undermine authoritarian dictatorships such as the one in in Venezuela under Nicolas Maduro.

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Cryptocurrencies Defeat Corruption in Venezuela: Reddit User Purchases Food for Community with NANO Donations

Although cryptocurrencies are widely regarded as a lucrative investment vehicle, it is easy to forget the original function of the decentralized assets: that of being a store-of-value quarantined from corruption and state interference.

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Dash Continues to Pave the Way for Cryptocurrency Adoption in Venezuela

Venezuela is a country which makes a lot of headlines, though not for the right reasons. Cryptocurrency has slowly begun making an impact in this country, even though it remains to be seen how successful all of these efforts will be.

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Venezuela’s Petro Is Cleaning Up Its Act

The Venezuelan Petro is a cryptocurrency that is very much used to being in the limelight. Not for being a technological revolution, more for its association with oil funding and funding from the Russian government.

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Homeless Housing Gets Funded by Cryptocurrency Petro in Venezuela

The Venezuelan Minister of Habitat and Housing Ildemaro Villarroel has announced that the country’s government is planning to fund the construction of houses for the homeless with the national cryptocurrency Petro, Criptotendencia reports Thursday, June 5.

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Venezuela to Fund Housing for Homeless With National Cryptocurrency Petro

The government of Venezuela is funding a housing initiative for the homeless with the national oil-backed cryptocurrency, the Petro

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Venezuela’s Oil-Backed Petro Cryptocurrency To Finance Country’s Housing Project

As per an announcement reported via native news, Telesur, it is believed that the next use of Venezuela’s oil-based cryptocurrency, Petro has been established. The minister of the Habitat and Housing of Venezuela, Ildemaro Villarroel confirmed that new efforts are in place to provide housing to the country’s homeless through a project called “La Gran […]

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The Price Decline of Cryptocurrency is Trivial in Comparison to Venezuela’s Financial Woes

It is still believed cryptocurrency will have a positive impact, although it may not be in the form of Bitcoin or even the Petro. Venezuela and Nano Mix Well According to a recent Reddit thread, the financial situation in Venezuela is only getting worse. It is evident financial hardship has become the new normal in

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Cryptocurrency Price Declines Are Trivial Compared to Venezuela’s Financial Woes

The financial situation in Venezuela looks anything but impressive. Financial hardship has become the new normal in this part of the world. It is still believed cryptocurrency will have a positive impact, although it may not be in the form of Bitcoin or even the Petro.

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EU’s Report on Cryptocurrencies: Says Officials “Should Not Ignore” Them

The EU’s Policy Department for Economic, Scientific and Quality of Life Policies released a report entitled “Virtual currencies and central banks monetary policy: challenges ahead.

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Veezula may see an influx in Bitcoin soon

Still, Wheeler is set on ditching efforts to try and help the country by way of political change. Still, cryptocurrency communities, including zcash and dash, have long been trying to help Venezuela in some way.

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An ongoing proposal for Millions Bitcoin Sending to Venezuela

Still, Wheeler is set on ditching efforts to try and help the country by way of political change. Still, cryptocurrency communities, including zcash and dash, have long been trying to help Venezuela in some way.

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Venezuela’s Fight With Inflation May Have Helped Cryptocurrency Acceptance

Faced with the rapid decline of their money’s purchasing power, Venezuelans have no choice but to come up with out-of-the-box solutions to offset the effects of their country’s sky-high inflation rate.

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Venezuela Government Worried As Bitcoin Buying Skyrockets With Hyperinflation

Venezuela authorities are worried as they see hyperinflation driving bitcoin trading volumes beyond control. In the last week, the records have been astonishingly high, as trading in the ‘grey market’ financial trading continued to soar.

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Venezuela: Record Bitcoin Buying Spree Continues Amid Hyperinflation

Hyperinflation is rampant in Venezuela as bitcoin trading volume keeps hitting new records each week. Meanwhile, authorities are scratching their heads on how to rein in the burgeoning, albeit underground industry, including attempts to crackdown on the importation of cryptocurrency mining equipment.

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Banks and Cryptocarrens Global Assessment: Middle East

As many advocate to replace the U. S. dollar as the global reserve currency, Bitcoin and nationalized cryptocurrencies may finally offer Muslim countries economic stability and leeway in Western politics.

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